A massive taxpayer bailout of the GSE's, banks and lenders is now upon us.

Having the nations' housing 'wealth' destroyed is catastrophic, especially since we're a nation of spenders and not savers. And having home values plummet 20% to 50% or more is devastating.

But having the banks fail, that's a whole different ballgame. Having Fannie and Freddie collapse, that's financial Armageddon.